A Shareholders’ Agreement on the construction of a combined-cycle gas-fired power plant in Niš was signed in Belgrade between SOCAR, Serbia’s state-owned energy company Elektroprivreda Srbije (EPS), and Srbijagas.
The document was signed by Elchin Ibadov, Advisor to the President of SOCAR and CEO of SOCAR Türkiye, Dušan Živković, CEO of EPS, and Dušan Bajatović, CEO of Srbijagas.
Under the agreement, which envisages the construction of a 500 MW power plant and the establishment of a joint venture, the Serbian companies will hold a 50% interest in the joint venture, while the Azerbaijani side will hold the remaining 50%. The document sets out the rights and obligations of the parties, the principles of joint management, the procedure for unanimous approval of key decisions during the preparatory stage, as well as the terms for financing the project activities.
Dubravka Đedović Handanović, Serbia’s Minister of Mining and Energy; Elchin Ibadov, Advisor to the President of SOCAR; Dušan Živković, CEO of EPS; and Dušan Bajatović, CEO of Srbijagas, delivered remarks at the ceremony.
In their remarks, it was noted that such projects are based on the strategic partnership established between Azerbaijan and Serbia, which reflects the strong political will of their leaders. It was also stated that the project will contribute to strengthening Serbia’s energy security and stabilizing its electricity system.